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2024 (2) TMI 702 - ALLAHABAD HIGH COURTAddition u/s 68 - non providing the source and proof of old jewellery sold by the depositor - ITAT deleted addition - HELD THAT:- Other than the suspicion raised by the assessing officer as to the genuineness of the transaction, no credible/ tangible material was brought on record by the assessing authority as may have led to any satisfaction or finding that the transaction was not genuine. The assessee not only disclosed the name of the jeweller’s to whom the jewellery was sold by the creditors of the assessee but it also established the mode of payment through banking channel. No doubt was raised by the assessing authority as to the genuineness on these critical aspects. Thus, no inquiry, whatsoever was made from the jeweller, from where it purchased jewellery,. Once the money was thus made available to the creditors of the assessee, they had the source available to make the deposit with the assessee. Existence of such deposit is also not in dispute. Thus the finding recorded by the Tribunal are findings of fact, based on the evidence and material on record. Decided against revenue.
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